Central spuds Palm Valley-12 well in Northern Territory
Sydney-listed Central Petroleum has spudded the Palm Valley 12 (PV12) well in Australia's Northern Territory, the company said on April 19.
The PV12 well is the first of a two-well drilling programme that also includes the Dingo-5 well. Central has a 50% interest in both PV12 and Dingo-5, which are free-carried for Central by New Zealand Oil & Gas (Nzog) and Cue Energy Resources and are scheduled to be completed this year.
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The PV12 well has two alternative objectives, consisting of a deeper gas exploration target or a shallower gas appraisal lateral that could become a production well. The well is currently estimated to reach the exploration target in early June.
“PV12 exploration success could open a significant new phase of growth within the existing Palm Valley gas field by targeting 123 PJ of mean prospective resource,” the company said. “This is more than four times Palm Valley's existing 2P reserves and would increase Central's total existing 2P reserves base of 75.4 PJe in the Amadeus Basin by 81%.”
If the PV12 deep exploration objective is unsuccessful, the well will be plugged back and side-tracked to test the shallower Pacoota Sandstone, with the potential to become a production well.